T5 Project ACCT 240 F2020 Vega Brothers Contracting Ltd. Vincent Vega Vic Vega Vincent Vega, the president and co-owner of Vega Brothers Contractors Ltd. (VBC) has requested your assistance in filling out the T5s and T5 Summary for his corporation this year. The bookkeeper that normally fills them out each year is presently incarcerated and is therefore not available. Vega Brothers Contractors Ltd.'s business number is 88888 8881 and their address is 1300 Vancouver Street, Victoria BC, V8W 1W4. VBC paid dividends to both Vincent and his brother & business partner, Vic Vega, during the year. He has made a list of the dividend payments and provided it below. He has indicated to you that the payments with an asterisk (*) are related to payments that his bookkeeper mentioned were from the eligible dividend account. All other payments are non-eligible dividends. Vincent doesn't understand what that means, but is sure that you can figure it out as you have taken a tax course at Camosun College. Vincent Vic Jan 1,200 800 Feb 1,200 800 Mar 1,400 800 Apr 1,400 800 May 1,000 900 Jun 20,000 * 10,000 * Jul 1,600 900 Aug 1,600 950 Sep 1,600 950 Oct 1,800 950 Nov 1,800 950 Dec 2,000 1,000 T5 Project ACCT 240 F2020 In addition to the dividend payments, Vincent loaned the company $575,000 on March 15 of this year. The loan is interest bearing at 3.5%. The company did not make any principal payments on the loan during the year, but did pay Vincent the appropriate interest on December 31. When asked, Vincent gave you his SIN as 444555668 and Vic's is 287654321. Vincent and Vic both live at 200 Feltham Road, Victoria BC V8V 0X5. Use your own name for the contact person with a telephone number of 250-555-1212. The T5 should be signed by Vincent using a date of February 28. Required: 1. Using the information provided and PDF documents in the assignment folder, prepare T5s as required and the T5 summary for 2020. 2. Upload the completed T5s and T5SUM to the assignment folder by the due date provided by your instructor. You may round the numbers in all the boxes to dollar amounts. Please save the T5 for each person using their first name and the T5 Summary with the name of the form.